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Office of Management and Enterprise Services (OMES) - Three of Four Major Revenue Sources Show Big Gains As Oklahoma Kicks Off Fiscal Year 2013
file:///Y|/...eneral%20Revenue%20Collections%20OEMS/2012-07%20Three_of_Four_Major_Revenue_Sources_Show_Big_Gains_As_Oklahoma_Kicks_Off_Fiscal_Year_2013.html[9/21/2012 10:26:28 AM]
Office of Management and
Enterprise Services (OMES)
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Home / News / Three of Four Major Revenue Sources Show Big Gains As Oklahoma Kicks Off Fiscal Year 2013
News Release
PRESTON L. DOERFLINGER
Secretary
of Finance and Revenue
MARY FALLIN
Governor
Aug. 14, 2012
For Immediate Release
Media Contact:
RON JENKINS
Public Information Officer
Oklahoma Office of State Finance
(405) 521-3267
Three of Four Major Revenue Sources Show Big Gains
As Oklahoma Kicks Off Fiscal Year 2013 on Positive Note
OKLAHOMA CITY – Oklahoma kicked off Fiscal Year 2013 with positive revenue growth in July, as three of the four major
revenue sources showed substantial gains, state Finance Secretary Preston L. Doerflinger announced Tuesday.
"Weakness in energy prices, plus rebates, led to a reduction in the rate of growth in total collections, but we made up for that
in other areas as consumer confidence remained high," Doerflinger said. "That helped total receipts to beat the official estimate
by more than 5 percent."
Sales tax collections to the General Revenue Fund outstripped last year's receipts by more than 9 percent, while motor vehicle
tax receipts, reflecting car and truck sales, were up more than 19 percent. Combined individual and corporate income taxes
climbed more than 20 percent.
"Our recovery from the Great Recession over the past two years was fueled by a boom in the oil patch, created by enhanced
drilling techniques and attractive prices for oil and liquid forms of natural gas," Doerflinger said. "So we closely monitor energy
prices and are hopeful they will continue their recent improvement. Of course, we are talking about commodities which can be
volatile and subject to unpredictable national and international forces.
"However, I’ve been amazed so far by the resiliency of the Oklahoma economy, in midst of the ups and downs of some areas.
Our July General Revenue Fund collections provide more evidence that our recovery from the recession has been more broad-based
than some may think."
Doerflinger cited Oklahoma's unemployment rate of 4.7 percent, fourth lowest in the country, and a manufacturing growth rate
of 5 percent, more than double the national rate of 1.9 percent.
"We have had a net gain of almost 41,000 jobs in the last 12 months, an indication that Governor Fallin's policies are
succeeding in creating a better climate for job-creating businesses to prosper," the finance secretary said.
Governor Mary Fallin said, "With the fourth-lowest unemployment rate in the nation and third-best rate of job growth, the
Oklahoma economy remains strong and resilient. With three of the four major revenue sources showing significant gains over
last year, it's clear the state is moving in the right direction. Looking ahead to next year, we can continue to build that forward
momentum by focusing on the kind of pro-business, pro-growth policies that will attract new jobs and more investment to
Oklahoma."
Doerflinger said he continues to be pleased with "the fantastic growth in sales taxes. This is a leading indicator of economic
well being. In Fiscal Year 2012, sales tax growth averaged 9.7 percent and we're off to a good start in FY-13.
"While it is unrealistic to expect such a hefty growth rate to continue indefinitely, our economic advances over the past two
years led to restoring our state savings account to a near record level," he said. "We’ve gotten our fiscal house in order to help
deal with any national events that could drag down our economy."
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Office of Management and Enterprise Services (OMES) - Three of Four Major Revenue Sources Show Big Gains As Oklahoma Kicks Off Fiscal Year 2013
file:///Y|/...eneral%20Revenue%20Collections%20OEMS/2012-07%20Three_of_Four_Major_Revenue_Sources_Show_Big_Gains_As_Oklahoma_Kicks_Off_Fiscal_Year_2013.html[9/21/2012 10:26:28 AM]
Office of Management and
Enterprise Services (OMES)
Share | Print | Print
Home / News / Three of Four Major Revenue Sources Show Big Gains As Oklahoma Kicks Off Fiscal Year 2013
News Release
PRESTON L. DOERFLINGER
Secretary
of Finance and Revenue
MARY FALLIN
Governor
Aug. 14, 2012
For Immediate Release
Media Contact:
RON JENKINS
Public Information Officer
Oklahoma Office of State Finance
(405) 521-3267
Three of Four Major Revenue Sources Show Big Gains
As Oklahoma Kicks Off Fiscal Year 2013 on Positive Note
OKLAHOMA CITY – Oklahoma kicked off Fiscal Year 2013 with positive revenue growth in July, as three of the four major
revenue sources showed substantial gains, state Finance Secretary Preston L. Doerflinger announced Tuesday.
"Weakness in energy prices, plus rebates, led to a reduction in the rate of growth in total collections, but we made up for that
in other areas as consumer confidence remained high," Doerflinger said. "That helped total receipts to beat the official estimate
by more than 5 percent."
Sales tax collections to the General Revenue Fund outstripped last year's receipts by more than 9 percent, while motor vehicle
tax receipts, reflecting car and truck sales, were up more than 19 percent. Combined individual and corporate income taxes
climbed more than 20 percent.
"Our recovery from the Great Recession over the past two years was fueled by a boom in the oil patch, created by enhanced
drilling techniques and attractive prices for oil and liquid forms of natural gas," Doerflinger said. "So we closely monitor energy
prices and are hopeful they will continue their recent improvement. Of course, we are talking about commodities which can be
volatile and subject to unpredictable national and international forces.
"However, I’ve been amazed so far by the resiliency of the Oklahoma economy, in midst of the ups and downs of some areas.
Our July General Revenue Fund collections provide more evidence that our recovery from the recession has been more broad-based
than some may think."
Doerflinger cited Oklahoma's unemployment rate of 4.7 percent, fourth lowest in the country, and a manufacturing growth rate
of 5 percent, more than double the national rate of 1.9 percent.
"We have had a net gain of almost 41,000 jobs in the last 12 months, an indication that Governor Fallin's policies are
succeeding in creating a better climate for job-creating businesses to prosper," the finance secretary said.
Governor Mary Fallin said, "With the fourth-lowest unemployment rate in the nation and third-best rate of job growth, the
Oklahoma economy remains strong and resilient. With three of the four major revenue sources showing significant gains over
last year, it's clear the state is moving in the right direction. Looking ahead to next year, we can continue to build that forward
momentum by focusing on the kind of pro-business, pro-growth policies that will attract new jobs and more investment to
Oklahoma."
Doerflinger said he continues to be pleased with "the fantastic growth in sales taxes. This is a leading indicator of economic
well being. In Fiscal Year 2012, sales tax growth averaged 9.7 percent and we're off to a good start in FY-13.
"While it is unrealistic to expect such a hefty growth rate to continue indefinitely, our economic advances over the past two
years led to restoring our state savings account to a near record level," he said. "We’ve gotten our fiscal house in order to help
deal with any national events that could drag down our economy."
FAQs Contact OMES-Alerts OMES & CORE Calendar RSS Feeds
CIO Comptroller &
Budget
Employees &
Benefits
Central Purchasing Capital Assets
Management
Forms